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The following is a list of the U.S. Financial Industry Regulatory Authority (FINRA), NASAA, and National Futures Association (NFA) financial securities examinations. Most FINRA examinations are divided into two categories: Registered Representative and Registered Principal levels.
The NASD was founded on September 3, 1936 as Investment Bankers Conference, Inc. [9] and, on August 7, 1939, was registered under the name National Association of Securities Dealers, Inc. [10] as a national securities association with the SEC under authority granted by the 1938 Maloney Act amendments to the Securities Exchange Act of 1934, [11] which allowed it to supervise the conduct of its ...
Each Series 65, Uniform Investment Adviser Law Examination, contains a total of 140 questions. One hundred thirty (130) of the questions count toward whether the candidate passes or fails the Series 65 exam. The other 10 questions are pretest and could appear in any position within the exam but do not count towards the final grade.
Although practitioners use popular names to refer to federal securities laws, these laws are generally codified in the U.S. Code, which is the official codification of U.S. statutory law. They are contained in Title 15 of the U.S. Code: for example, the official code citation for Section 5 of the Securities Act of 1933 is 15 U.S.C. section 77e.
The Series 7 is a three-hour, forty-five-minute exam. [1] It is held in one four-hour session. There are 125 questions on the test. Candidates have to score at least 72% to pass. The SIE Exam and the Series 7 Exam are co-requisite exams. [9] Average study time is between 80 and 150 hours depending on current financial knowledge. [10]
The Series 87 Research Analyst exam is the Regulatory portion consisting of material from the Securities Act of 1933, Securities Exchange Act of 1934, NASD and NYSE Rules. Prior to the update to the FINRA licensing exams in 2018, the Series 7 examination/license was a pre-requisite for the Research Analyst exams.
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This exam is administered by the Financial Industry Regulatory Authority (FINRA, previously known as the NASD). In order to take the exam, an individual must be sponsored by a member firm of either FINRA or a self-regulatory organization (SRO). The cost of the exam is $40. Individuals are allowed 90 minutes to complete 50 multiple choice questions.